Last updated: 15 October 2026 · By Analyst, Platizio Global
AI stocks in the US are US-listed companies whose sales depend materially on artificial intelligence (AI): chipmakers such as Nvidia, chip-equipment makers, cloud platforms, software firms and data-centre power and cooling suppliers. Indian residents can buy them, or AI exchange-traded funds (ETFs), under the RBI’s Liberalised Remittance Scheme (LRS).
Key takeaways
- In July 2026, Amazon, Alphabet, Microsoft and Meta forecast roughly US$720–745 billion of combined capital spending for 2026 (definitions differ).
- Nvidia’s data-centre revenue was $89.0 billion, over 90% of its total, in the quarter to 26 July 2026.
- On 14 October 2026, the ten largest companies were about 40.3% of the S&P 500; seven are in the AI value chain (our analysis).
- Gains on US shares held over 24 months are taxed at 12.5% plus any surcharge and cess; TCS is 20% of LRS remittances above ₹10 lakh in a financial year.
What are AI stocks in the US?
There is no official list. Ask whether AI actually drives a company’s revenue, and where it sits in the AI value chain:
- Chips and memory. AI models are trained and run on processors and high-bandwidth memory.
- Chip equipment. Machines that pattern and etch chips are sold to chipmakers adding AI capacity.
- Cloud platforms. They rent out AI computing and are among the largest buyers of AI chips.
- Software. Companies sell AI features and “agents” (software that carries out tasks) inside existing products.
- Power and data-centre infrastructure. Data centres need electricity, cooling and grid equipment.
| Layer | Example (ticker) | One AI-linked metric (period) |
|---|---|---|
| Chips | Nvidia (NVDA) | Data-centre revenue $89.0bn, up 117% (quarter to 26 July 2026) |
| Memory | Micron (MU) | Revenue $54.23bn vs $11.32bn a year earlier (quarter to 3 September 2026) |
| Equipment | ASML (ASML) | Net sales €11.7bn; sees planned 2027–28 supply falling short of demand (Q3 2026) |
| Cloud | Microsoft (MSFT) | Azure and other cloud services revenue up 43% (quarter to 30 June 2026) |
| Cloud | Alphabet (GOOGL) | Google Cloud revenue $24.8bn, up 82% (Q2 2026) |
| Software | Salesforce (CRM) | Agentforce annual recurring revenue (ARR) above $1.5bn, up over 240%; definition widened (quarter to 31 July 2026) |
| Power | GE Vernova (GEV) | Data-centre orders above $5bn in January–June 2026, over double its 2025 total (Q2 2026) |
Source: company results filed with the US Securities and Exchange Commission (SEC); growth is year on year. The securities quoted are for illustration only and are not recommendatory.
Why Big Tech’s spending drives AI stocks
Much of this revenue starts as capital expenditure (capex): cloud companies’ spending on data centres, servers and chips. In July 2026, Amazon forecast about $220 billion of capex for 2026, Alphabet $195–205 billion, Microsoft about $175 billion (calendar 2026) and Meta $130–145 billion: roughly $720–745 billion in all. It is not a like-for-like total: Microsoft’s and Meta’s figures include finance leases.
The spending strains free cash flow, the cash left after running costs and capex. Alphabet’s was negative $5.9 billion in April–June 2026; in June it raised $49.6 billion net by selling shares and convertible preferred stock, partly for AI infrastructure. Meta’s quarterly free cash flow fell to $0.8 billion from $8.5 billion a year earlier, and Oracle sold $20 billion of new shares in the quarter to 31 August 2026.
How to evaluate a US AI stock
- Revenue that AI actually drives. AI chips were about 56% of Broadcom’s revenue in the quarter to 2 August 2026; Salesforce’s Agentforce ARR of over $1.5 billion compares with about $46 billion of yearly revenue guidance. Beware “AI washing”: in March 2024 the SEC charged two investment advisers with making false claims about their use of AI.
- Customer concentration. Quarterly reports (Form 10-Q) show reliance on big customers: one direct customer was 16% of Nvidia’s revenue in the quarter to 26 July 2026.
- Capex intensity. For big spenders, divide capex by revenue: about 38% at Alphabet, 46% at Microsoft, 51% at Meta and 147% at Oracle in the latest quarter (our calculation).
- Valuation against history. Compare a stock’s price-to-earnings (P/E) ratio (price divided by earnings per share) with its own history, from one dated source. iShares put its SOXX chip ETF’s P/E at 48.93 on 13 October 2026.
AI ETFs in the US: SMH, SOXX, AIQ and BOTZ
An ETF holds many stocks but trades like one share. Compare its yearly fee (expense ratio) and the weight of its ten largest holdings.
| ETF (issuer) | Focus | Expense ratio | Holdings | Top 10 weight | Largest holding |
|---|---|---|---|---|---|
| SMH (VanEck) | Chips | 0.35% | 25 | 67.82% | Nvidia 20.04% |
| SOXX (iShares) | Chips | 0.33% | 30 | About 61% (third-party) | AMD 9.59% (third-party) |
| AIQ (Global X) | AI and technology | 0.68% | 88 | 33.05% | Palantir 4.46% |
| BOTZ (Global X) | Robotics and AI | 0.68% | 81 | 57.70% | Intuitive Surgical 9.08% |
Issuer data, 13–14 October 2026; SOXX weights from stockanalysis.com, 13 October 2026.
SMH and SOXX hold 25–30 US-listed semiconductor stocks; Nvidia alone was about a fifth of SMH. BOTZ is mostly robotics and automation (Intuitive Surgical, Fanuc, Keyence), not chips.
What are the risks of AI stocks?
- Concentration. On 14 October 2026, seven of the S&P 500’s ten largest companies, together about 29.8% of the index, sat in the AI value chain (our calculation). An S&P 500 or Nasdaq-100 fund may already give you this exposure.
- Valuation and expectations. Analysts expected the S&P 500’s semiconductor-industry earnings for July–September 2026 to rise 130% year on year (FactSet, 9 October 2026), so a miss can hit prices hard.
- Chip cycles. Micron’s revenue fell 49% in fiscal 2023, with a $5.83 billion loss, before reaching $133.19 billion in fiscal 2026.
- Export controls. Nvidia’s 26 August 2026 outlook for its next quarter assumes no data-centre compute revenue from China.
- Power. The International Energy Agency expects data centres’ global electricity use to more than double by 2030, to about 945 terawatt-hours (April 2025 forecast).
- Disruption. On 27 January 2025, Nvidia lost about $590 billion of market value in a day as Chinese start-up DeepSeek set off a tech sell-off (Bloomberg).
Currency moves and US estate tax (on US assets above $60,000 at death) also matter.
How to invest in US AI stocks from India
Under the LRS, a resident can send up to $250,000 each financial year to buy US-listed stocks and ETFs, through a platform in GIFT City (India’s International Financial Services Centre) or an overseas broker, but not for margin trading or derivatives. Platizio Global, run by Platizio Services LLP, offers US-listed stocks and ETFs, including fractional shares, with accounts held at ViewTrade International IFSC Private Limited in GIFT City. See our guides to buying Nvidia shares from India and comparing platforms.
Once your LRS remittances in a financial year exceed ₹10 lakh, your bank collects 20% of the excess as tax collected at source (TCS) under section 394 of the Income-tax Act, 2025; it counts as tax you have paid (GIFT City tax guide). Indian funds investing overseas are an alternative, but industry-wide limits led several to pause fresh investments in 2026 (compare the routes). NSE IX’s depository receipts on US stocks have taken no new buys since 30 July 2026.
Sources
- Nvidia, Form 10-Q for the quarter ended 26 July 2026 (SEC) — https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm
- Alphabet, Q2 2026 results release (SEC) — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm
- Microsoft, FY2026 Q4 earnings call — https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4
- Meta, Q2 2026 results release (SEC) — https://www.sec.gov/Archives/edgar/data/1326801/000162828026050596/meta-06302026xexhibit991.htm
- Amazon, Q2 2026 results release (SEC) — https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260630xex991.htm
- Micron, annual financial data (SEC EDGAR company facts) — https://data.sec.gov/api/xbrl/companyfacts/CIK0000723125.json
- SEC, press release 2024-36 on false AI claims by two advisers (18 March 2024) — https://www.sec.gov/newsroom/press-releases/2024-36
- State Street, SPY daily holdings (14 October 2026) — https://www.ssga.com/us/en/intermediary/library-content/products/fund-data/etfs/us/holdings-daily-us-en-spy.xlsx
- Reserve Bank of India, Master Direction on the Liberalised Remittance Scheme — https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10192
- Income Tax Department, section 394 of the Income-tax Act, 2025 — https://www.incometaxindia.gov.in/w/section-394-6
- FactSet, Earnings Insight (9 October 2026) — https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_100926.pdf
- International Energy Agency, AI and data-centre electricity demand (10 April 2025) — https://www.iea.org/news/ai-is-set-to-drive-surging-electricity-demand-from-data-centres-while-offering-the-potential-to-transform-how-the-energy-sector-works
Platizio Global is operated by Platizio Services LLP, an AMFI-registered mutual fund distributor. US stock accounts are opened and held with ViewTrade International IFSC Private Limited in GIFT City; Platizio acts as a referral partner, may receive remuneration from ViewTrade, and is not a broker, investment adviser or research analyst. This article is general information for education only. It is not investment, tax or legal advice, or a recommendation to buy, sell or hold any security. The securities quoted are for illustration only and are not recommendatory. Investments in US stocks and ETFs are subject to market, currency, tax and regulatory risk; past performance does not indicate future results, and returns are not guaranteed. Figures are as of 15 October 2026 and can change; consult a qualified financial adviser or chartered accountant about your situation.